Wednesday, July 29, 2009

As I wrote in Making College Part of a Wealth Building Plan, I believe that it is important to major in an area that can lead to a high(er) paying job. For information on salary by major, PayScale.com has compiled a list the Best Undergrad College Degrees by Salary. Seven of the top ten paying degrees are in Engineering, with the other three being in Economics, Physics, and Computer Sciences. Median starting salaries for these degrees range from $53,400 to $65,700, with mid-career median salaries ranging from $94,500 to $109,000. The bottom ten paying degrees have median starting salaries from $33,400 to $37,000 and median mid-career salaries ranging from $41,600 to $56,600.

To me, college is about preparation for the working world. Given the high cost of a college education, it makes sense to me to consider a degree that provides a higher return. After all, the cost of getting a top ten paying degrees is no often different than the cost of a bottom ten paying degrees.

For more on The Practice of Personal Finance, check back every Wednesday for a new segment.

This is not financial or education advice. Please consult a professional advisor.

2 comments:

Given my personal financial situation at age 60, perhaps I shouldn't respond. But what the heck. I've been in my field for 36 years now. I just can't imagine spending that amount of time in work that I didn't love to do, no matter how much better some other field might pay. One's degree and one's choice of profession shouldn't depend solely on the income that will be derived from it.

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My wealth goal is to create a guaranteed yearly income stream equal to my highest salary for my retirement years. While I have developed a strategy to do this,
I am interested how others are thinking of achieving financial security for retirement.
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This is a personal blog about my thoughts, experiences and ideas on building wealth. The contents of this blog are for informational purposes only. No content should be construed as financial advice. Commenters, advertisers and linked sites are entirely responsible for their own content and do not represent the views of My Wealth Builder. All financial decisions involve risks and results are not guaranteed. Always do your own research, due diligence and consult your own professional advisor before making any decision. My Wealth Builder assumes no liability with regard to financial results based on use of information from this blog.

If this blog contains any errors, misrepresentations, or omissions, please contact me or leave a comment to have the content corrected.

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Disclaimer:
This is a personal blog about my thoughts, experiences and ideas on building wealth. The contents of this blog are for informational purposes only. No content should be construed as financial advice. Commenters, advertisers and linked sites are entirely responsible for their own content and do not represent the views of My Wealth Builder. All financial decisions involve risks and results are not guaranteed. Always do your own research, due diligence and consult your own professional advisor before making any decision. My Wealth Builder assumes no liability with regard to financial results
based on use of information from this blog.

If this blog contains any errors, misrepresentations, or omissions, please contact me or leave a comment to have the content corrected.